(nedradv.ru) – The Swedish gold mining company Auriant Mining, which operates in the Republic of Tuva and the Trans-Baikal Territory, presented its financial results for 2022.
The company notes that it changed the settlement currency for all Russian divisions from the US dollar to the Russian ruble from January 1, 2023. As a result of a decrease in the volume of mining and gold production, the savings in cash operating costs in rubles amounted to 13%, which was offset by the strengthening of the ruble against the US dollar in 1Q 2023 by 16%. Auriant notes that the strong exchange rate of the ruble could negatively affect the company's margins.
Revenue from sales of the precious metal in the reporting period decreased by 48% to $8.9 million on the back of lower sales volumes. The volume of gold sold amounted to 148 kg with 139 kg mined. The average selling price in the first quarter was $1,882 per ounce. Cost of sales increased by 6% to $8.94 million.
The cost of a gold ounce increased in the reporting period as a result of a decrease in production volumes and overburden depreciation carried out in 2022. As a result, the average cash cost per ounce produced was $1,429 per ounce in the first quarter of 2023 compared to $688 per ounce in the same period in 2022.
The company's net loss amounted to $8.4 million compared to $4.7 million in net profit in the same period last year. EBITDA is negative - $0.2 million versus $9.9 million in the first quarter of 2022. EBITDA margin was -2% (vs. 57% a year earlier).
Reference
Auriant Mining is a Swedish company focused on exploration and gold mining in Russia. The company's asset portfolio includes operating enterprises Tardan in Tuva and Solkokon in Trans-Baikal Territory. Auriant shares are traded on the Swedish Nasdaq First North Premier Growth Market.
The company notes that it changed the settlement currency for all Russian divisions from the US dollar to the Russian ruble from January 1, 2023. As a result of a decrease in the volume of mining and gold production, the savings in cash operating costs in rubles amounted to 13%, which was offset by the strengthening of the ruble against the US dollar in 1Q 2023 by 16%. Auriant notes that the strong exchange rate of the ruble could negatively affect the company's margins.
Revenue from sales of the precious metal in the reporting period decreased by 48% to $8.9 million on the back of lower sales volumes. The volume of gold sold amounted to 148 kg with 139 kg mined. The average selling price in the first quarter was $1,882 per ounce. Cost of sales increased by 6% to $8.94 million.
The cost of a gold ounce increased in the reporting period as a result of a decrease in production volumes and overburden depreciation carried out in 2022. As a result, the average cash cost per ounce produced was $1,429 per ounce in the first quarter of 2023 compared to $688 per ounce in the same period in 2022.
The company's net loss amounted to $8.4 million compared to $4.7 million in net profit in the same period last year. EBITDA is negative - $0.2 million versus $9.9 million in the first quarter of 2022. EBITDA margin was -2% (vs. 57% a year earlier).
Reference
Auriant Mining is a Swedish company focused on exploration and gold mining in Russia. The company's asset portfolio includes operating enterprises Tardan in Tuva and Solkokon in Trans-Baikal Territory. Auriant shares are traded on the Swedish Nasdaq First North Premier Growth Market.
